You are provided with the following income accounts of Oakridge Ltd. for the year ended December 31, 2021. Oakridge reported profit from operations of $125,000 for the year ended December 31, 2021. Oakridge’s income tax rate is 30%.

Interest revenue ................................. $5,000
Investment income or (loss) .............. (6,000)
OCI—Holding gain or (loss) ................ 3,000
Interest expense .................................. 8,000

Instructions

a. Does Oakridge use ASPE or IFRS? Explain.

b. Prepare an all-inclusive statement of comprehensive income starting with profit from operations.